Damodaran to head RBI panel

Mumbai: The Reserve Bank of India (RBI) has constituted a committee under the chairmanship of M. Damodaran, former chairman of Securities and Exchange Board of India, to look into banking services rendered to retail and small customers, including pensioners.

The seven-member committee will also look into the system of grievance redressal mechanism prevalent in banks, its structure and efficacy and suggest measures for expeditious resolution of complaints, the RBI said.

In a separate move, the country’s central bank on Thursday also said any application made to the bank can be tracked online from now on.

The applications -- even for bank or branch licences -- can be tracked on-line through the application tracking system (ATS) which is available on the central bank’s website. Through this facility, the applicant can submit an online application, attach related documents, view it and track its movement, the press release said.